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|Additional Physical Format:||Print version:
De la Torre, Augusto.
Financial Development in Latin America and the Caribbean : The Road Ahead.
Washington : World Bank Publications, ©2012
|Material Type:||Document, Internet resource|
|Document Type:||Internet Resource, Computer File|
|All Authors / Contributors:||
Augusto de la Torre; Alain Ize; Sergio L Schmukler
|ISBN:||9780821389362 082138936X 9780821388471 0821388479 6613375101 9786613375100 1283375109 9781283375108|
|Notes:||Policy directions: The bright side.|
|Description:||1 online resource (278 pages).|
|Contents:||Foreword; Acknowledgments; Abbreviations; 1 Overview; The conventional view on financial development and its limitations; Revisiting financial development; Where is LAC?; Promoting the bright side; Dealing with the dark side; Notes; 2 Financial Development: Bright Side, Patterns, Paths, and Dark Side; The bright side; The patterns; The paths; The dark side; Can there be too much finance?; Notes; 3 Domestic Financial Development: Where Does LAC Stand?; Methodology; Main findings; Banking; Bond markets; Equity markets; The new players; Alternative markets and products; Notes. 4 Financial Globalization: Where Does LAC Stand?The two dimensions of financial globalization; Financial diversification; Financial offshoring; Notes; 5 Financial Inclusion: Where Does LAC Stand?; Methodology; Supply-side evidence; Demand-side evidence; The role of government; Notes; 6 The Banking Gap; Is the banking gap real?; Supply or demand?; Are these the ghosts of a turbulent past?; Where is LAC now?; Notes; 7 The Equity Gap; Effects of globalization; Free float; Market concentration; Institutional investors; Corporate governance; Other factors; Conclusions; Notes; 8 Going Long. What are the issues?What are the options?; Where is LAC?; What are the key policy challenges?; Notes; 9 Risk Bearing by the State: A Collective Action Perspective; The role of the state in the pure agency paradigms; Adding collective action frictions; Adding risk aversion; The question of private or state guarantees; Systemic risk; LAC's policy swings--a play in four acts; Toward a rebalanced policy; Notes; 10 Prudential Oversight: Where Does LAC Stand?; Methodology; The progress and the remaining gaps; The systemic oversight challenges ahead. Annex 10.A Methodology for the econometric analysis of BCP RatingsAnnex 10.B Highlights of the 2007 World Bank survey of supervisory practices; Annex 10.C Joint World Bank-ASBA survey on systemic oversight; Annex 10.D Financial concentration in LAC; Notes; 11 Macroprudential Policies over the Cycle in LAC; Macroprudential policy and the dynamics of the dark side; LAC's cycles and vulnerabilities: Lessons from the past?; Some key macroprudential policy design issues; The path ahead; Notes; 12 Microsystemic Regulation; The rationale for prudential regulation. The outer boundaries: Illuminating the shadows The inner boundaries: Silos versus universal licensing; The SIFI problem; Systemic liquidity: Norms and access; Financial innovation: Did LAC have it right?; The regulatory agenda ahead; Annex 12.A Challenges posed by large, complex financial conglomerates: The case of CL Financial in the Caribbean; Notes; 13 Systemic Supervision; The new connections; A new approach; New tools; Getting there; The agenda ahead; Notes; 14 Summary of Policy Directions for the Road Ahead; Where is LAC?; The tough issues to think about.|
|Series Title:||World Bank Latin American and Caribbean studies.|